Most Popular
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Yoon warns North Korea against nuclear attack attempt
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81-year-old model awarded ‘best dressed’ in Miss Universe Korea
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Seoul mayor suggests shift in immigration policy
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'Smart pill'? ADHD treatment prescriptions spike this year
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AI textbook bubble could burst, expert warns
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[KH Explains] Korea pursues ‘fire-free’ batteries amid EV fears
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[Herald Review] One of Netflix's most expensive Korean originals returns, but at what cost?
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Man calls 119, found dead 1 week later because officials went to wrong place
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Food tycoon Paik Jong-won's Theborn Korea pushes toward IPO
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Samsung tightens its belt amid crisis winds
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Kakao, KT to launch Korea’s first Internet banks
Two consortiums, led by South Korean Internet giant Kakao and No. 2 telecom operator KT, were approved to launch the nation’s first Internet-only banks next year, the banking authority said Sunday. Under the government’s pilot program, the two banks will offer financial services from deposits, lending and credit cards to foreign exchange transactions through their online platforms only -- the first of their kind in Korea’s 23 years of financial history.Their operations are expected to start afte
TechnologyNov. 29, 2015
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Korea Eximbank teams up with content agency for renewed hallyu boom
The Export-Import Bank of Korea signed a business agreement with the Korea Creative Content Agency on Friday regarding creating financial ecosystems for the content industry and supporting overseas expansion, bank officials said.Eximbank chairman and president Lee Duk-hoon and KOCCA president Song Sung-gak signed the business agreement at the state-run bank’s headquarters on bolstering financial support on content geared for overseas, as well as supporting businesses and sharing regarding conten
IndustryNov. 29, 2015
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Key economic indexes to slip this year
South Korea faces a weak economic growth forecast this year as most of its key indexes are likely to end low, affected by the Middle East respiratory syndrome in the second quarter and the overall slowdown in China’s economy.The country’s growth rate is expected to sink back into the 2 percent range, the trade volume to drop below 1 trillion won ($865 million), and the inflation rate to hit a record low since the Asian financial crisis in the late 1990s.Leading economic institutes have revised t
Nov. 29, 2015
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KDB signs Singapore deal in strategic expansion
The Korea Development Bank is focusing on expanding its overseas business in strategic regions including Singapore, Hong Kong and London in its pursuit of renewed growth momentum.As part of such efforts, the leading state-run bank has recently signed a memorandum of understanding with the Development Bank of Singapore, the biggest bank in Southeast Asia by assets, officials said.DBS was selected by the Global Finance journal earlier this year as the 11th-safest bank in the world and the safest o
Nov. 29, 2015
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POSCO Energy wins preferred bid in Botswana power project
POSCO Energy has won the preferred bid to construct two plants in a Botswana power project, the company said Sunday.The 300-megawatt Morupule B Phase II Project was commissioned by the Botswana Ministry of Minerals, Energy and Water Resources through an international public tender. It is the first time for a South Korean energy company to enter the southern African market.POSCO Energy formed a consortium with Japan’s general trading company Marubeni and entered the $800 million bid, with each co
IndustryNov. 29, 2015
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[Editorial] Spoiling kids, society
One knows that lawmakers are notorious for peddling influence. Taking advantage of their privileges like legislative power and right to audit government offices and public enterprises, they often seek favors -- for them, their constituents, supporters and financial sponsors -- from government officials, businesses and others. Nowadays there is a growingly trend in the lawmakers’ influence-peddling: They don’t have qualms about exerting influence regarding education and jobs for their children.
EditorialNov. 29, 2015
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[Editorial] Due steps
The Environment Ministry’s conclusion that some Volkswagen cars sold in Korea were involved in the same emissions cheating scheme as those sold in the U.S. leaves many things to do for the Korean government, the local car industry and, of course, the German automaker. First, the Environment Ministry should examine a broader number of samples of all vehicles sold by Volkswagen and its high-end brand Audi in the country. The seven cars in six diesel-engine types that were tested by the minis
EditorialNov. 29, 2015
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[Andrew Sheng] Can Asia escape secular stagnation?
As we settle down for the year end, the picture on the economic front seems to be a bit clearer, although on the political front, the Paris attacks, the downing of a Russian jet by Turkey and continuing refugee migration into Europe have escalated the geopolitical risks. By spreading the war on terror from 9/11 in New York to Paris, consumer confidence in Europe is likely to suffer, depressing already a weak recovery in Spain, Italy and Ireland. Fed Vice-Chairman Stanley Fischer, one of the wi
ViewpointsNov. 29, 2015
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[Rachel Marsden] Terrorism spotlighs the real enemy
The U.S. State Department has issued a blunt worldwide travel alert for Americans. Nothing cuts through murky rhetorical waters and diplomatic platitudes like a terrorist’s bomb. Suddenly, reasonable people are faced with a stark choice between keeping safe and taking the sort of laissez-faire approach to security that the Paris attackers were able to exploit. It should come as no surprise that in the wake of terrorist massacres, blunt speakers with a clear, simple vision of how to make a dent i
ViewpointsNov. 29, 2015
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Artist Kim Chang-bae exhibits traditional Korean paintings
Artist Kim Chang-bae, this year’s recipient of the Korea Art Award, is holding an exhibition of his traditional Korean paintings at the Korea Art Center in Seoul from Nov. 26-Dec. 5. “Kim has embraced the spiritual scent of tea in his work,” said Lee Il-young, director of the Korea Art Center, in a statement. “(His work) also highlights ... the destruction of nature and loss of humanity today, and the importance of a life in harmony with nature.” Kim’s work, painted with ink on traditional Kore
PerformanceNov. 29, 2015
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[Ana Palacio] Turkey’s diplomatic dogfight
Turkey’s downing of a Russian warplane risks opening a new front in the violence engulfing Syria, thereby dashing the hopes for a rapprochement between Russia and the West that had arisen in the wake of the Paris massacre. With Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan now engaged in a war of words, and given the nightmare scenario of something far worse, it is more important than ever that the European Union do all that it can to reinvigorate its ties with Turk
ViewpointsNov. 29, 2015
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Korea, Japanese, Chinese health ministers agree to jointly tackle MERS
Health ministers from South Korea, Japan and China agreed to jointly tackle future Middle East Respiratory Syndrome outbreaks and new diseases that pose common problems for the Northeast Asian countries, the government said Sunday.The Ministry of Health and Welfare said policymakers at the tripartite meeting held in Kyoto issued a joint statement calling for concerted efforts to deal with various threats to public health, universal health coverage, the rapidly aging population and non-communicab
Foreign AffairsNov. 29, 2015
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Kakao, KT win licenses for first Internet bank
Consortiums led by information technology service giants Kakao Corp. and KT Corp. won a preliminary license to launch South Korea's first Internet-only bank Sunday, the financial regulator said, opening the new business market in the long-slumping banking industry.The Financial Services Commission said it gave approval to Kakao Bank and K-Bank after a two-month review of their qualifications, including their financial stability, shareholdings structure and customer service plan. It had accepted
Nov. 29, 2015
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Labor group vows massive protest rally next week
A major umbrella labor group said Sunday it will press ahead with a massive protest rally in central Seoul next weekend.It heralds another clash between protesters and police following a fierce street stand-off in mid-November.At that time, tens of thousands of people took to the streets to protest against President Park Geun-hye's labor and education policies. Police used tear gas and water cannons against the violent demonstrators.Police announced that they would prohibit the second rally slat
Social AffairsNov. 29, 2015
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Debt exposure of marginal companies on the rise: report
South Korean marginal companies are finding it more difficult to cope with their debt as the economic slowdown makes it harder for them to meet interest payments and other financial obligations, a local think tank said Sunday.The corporate debt and restructure report released by the Korea Institute of Finance showed debt accrued by private sector companies hit 1,253 trillion won ($1.08 trillion) as of late June.This is equivalent to 82.8 percent of the country's nominal gross domestic product, u
IndustryNov. 29, 2015
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Park leaves for France for U.N. climate change conference
President Park Geun-hye left for France Sunday to attend a crucial U.N. conference on climate change, less than a week after she returned from a three-nation swing to attend a series of annual summits with regional leaders.Park is set to deliver a speech at the leaders' event in Paris on Monday and express South Korea's commitment to actively join global efforts to launch a deal on combating climate change.The leaders' event -- the opening of the conference -- is designed to build political mome
PoliticsNov. 29, 2015
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Dual income households make 1.4 times more than families with sole bread earner
Dual income households in South Korea brought home 1.4 times more than families with a sole bread earner, a report by a local think tank said Sunday.According to Hyundai Research Institute, households that had both husband and wife holding jobs brought home an average 5.32 million won ($4,600) per month in 2014. For families where only one person earned an income, the monthly average stood at 3.8 million won.The private think tank said data showed double income households spent some 2.94 million
Nov. 29, 2015
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Korea trade to rebound in 2016 after poor showing this year: KITA
South Korea's two-way trade is expected to once again surpass the $1 trillion mark in 2016, after a poor showing this year, a report by an international traders organization said Sunday.The Korea International Trade Association predicted exports will rise 2.3 percent on-year in 2016 to $544 billion, with imports advancing 4.8 percent to $461 billion. The combined total should hover just over $1 trillion, with the country's trade surplus reaching $83 billion.Asia's fourth-largest economy became t
Nov. 29, 2015
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Navy set to unveil new base on Jeju, maritime choke point for N. Korea
Concluding two decades of preparations and controversies, the Navy is set to unveil a new naval base on the southern resort island of Jeju, where it could launch warships against North Korea's potential provocations in a dramatically shortened amount of time. The construction work for the Jeju civil-military sea port base, spanning nearly 500,000 square meters with docks running some5 kilometers in the direction of the East China Sea, is 96 percent complete as of late November, according to Capt
DefenseNov. 29, 2015
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Korea to offer foreign tourists on-spot tax refund benefits starting in Jan.
South Korea will offer on-spot tax refunds to foreign tourists who buy products at local duty-free shops starting Jan. 1, the government said Sunday.The Finance Ministry said it is moving to revise existing exemption guidelines governing foreign tourists so they need not pay value-added and excise taxes when they shop in the country.Under the proposed changes, an item costing less than 200,000 won ($173) will be eligible for immediate tax refunds at duty-free stores across the country. This mean
Nov. 29, 2015